The Geithner Treasury Scam

Henry Thompson

The US Treasury is responsible for collecting taxes and paying the bills of the US government. Government deficits require the Treasury to sell bonds promising future payment. The financial collapse of 2008 due to government backed mortgage loans forced increased government borrowing to keep the failed banks in business. Treasury Secretary Tim Geithner introduced a scam with the Treasury lending to his banking buddies at a low rate then ensuring investments with a guaranteed loss limited to 5%! Taxpayers were left holding the bag.